As a seasoned researcher with a keen interest in digital assets and a knack for spotting trends, I find myself intrigued by Jurrien Timmer’s analysis of Bitcoin. His perspective, backed by his extensive background at Fidelity, adds credibility to the argument that ETFs could indeed be the driving force behind the recent surge in Bitcoin’s price.
As a researcher, I’m sharing my perspective on a topic: Jurrien Timmer, the director of global macro at Fidelity Investments based in Boston, posits that Bitcoin Exchange-Traded Funds (ETFs) could be a significant contributing factor to the recent surge in Bitcoin prices, nearly pushing it towards the elusive $100,000 milestone.
As a crypto investor, I’ve observed that not only is cash pouring into the Bitcoin trend, but the open interest in the futures market is skyrocketing too. This surge is being fueled primarily by hedge funds and leveraged speculators.
According to an article from U.Today, Mike Novogratz, the CEO of Galaxy Digital, anticipates that the value of Bitcoin will rise even further. Yet, he advises caution regarding the use of high levels of borrowing or leverage. This Bitcoin optimist accurately foresaw a substantial drop in price.
This past week, Bitcoin dropped down to a minimum of $90,742 at the Bitstamp market, but it subsequently recovered and reduced the majority of its price decline.
Bitcoin remains in its value range
Timmer has expressed his viewpoint that Bitcoin, being the top cryptocurrency by market capitalization, finds itself comfortably within its appropriate value zone.
In a recent post on social media, it was stated that if the power law of Bitcoin’s growing network (enhanced by actual rates and money supply) is the optimal method for assessing this fascinating asset, then Bitcoin falls right within its reasonable value zone.
According to Timmer’s Bitcoin valuation model, key elements include the hypothetical rate of adoption for the digital currency, actual interest rates, and the total amount of money in circulation.
At the moment, the top digital currency is being traded for approximately $96,386. It has experienced a growth of 4.7% in the last 24 hours.
Currently, Bitcoin stands just 3.4% short of reaching its previous all-time high of $99,645, a level it attained merely five days ago.
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2024-11-27 23:07